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The Growing Cost of Place Why Workforce Housing Matters in Hawai`i<br />Presented by Kevin Carney, President of Housing Ha...
Housing Hawai`i<br /> 501(C)3 nonprofit  <br />Formed in 2006 <br />10/12/2010<br />
Goals<br />Preserve & Increase the number of:<br />1. Affordable Homes (Single Family/Condo) <br />2. Affordable Rental Ho...
10/12/2010<br />“Affordable Housing”<br />A Definition:<br />Housing is affordable when you pay no more than 30% of your i...
10/12/2010<br />Affordable Housing vs Workforce Housing – Is There a Difference?<br />Area Median Income: <br />Honolulu –...
10/12/2010<br />Affordable Homeownership<br />2010 AMI Family of Four -- $81,700<br />“Affordable Housing” for this Family...
2010 Honolulu Incomes and Ability to Buy <br />$600,000 Median Priced Home<br />Source:  National Housing Conference – Pay...
10/12/2010<br />Affordable Rental Homes<br />2010 Fair Market  Rent  - 2 Bedroom: $1,610<br />Income Requirement: $64,396 ...
2010 Honolulu Hourly Wages vs. Wage to Afford 2 Bedroom Apartment<br />$30.96<br />$27.67<br />$17.41<br />Source:  Nation...
10/12/2010<br />Hawaii’s Housing Cost Challenges:<br />World Marketplace Lack of Infrastructure Limited entitled land<br /...
State Legislature Acknowledges Housing Crisis<br />Shortfall: 22,000 Affordable Units for Families Earning Less than 80% A...
10/12/2010<br />Housing Hawai`i Efforts:<br />Advocacy:  Development of New Affordable Homes for Purchase and Rent<br />	 ...
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Kevin Carney

Bring Workers Home Regional Forum on Workforce Housing--Honolulu, HI--October 12, 2010

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Kevin Carney

  1. 1. The Growing Cost of Place Why Workforce Housing Matters in Hawai`i<br />Presented by Kevin Carney, President of Housing Hawai`i<br />2010 Regional Forum on Workforce Housing<br />Hosted by the National Association of Realtors and the National Housing Conference<br />10/12/2010<br />
  2. 2. Housing Hawai`i<br /> 501(C)3 nonprofit <br />Formed in 2006 <br />10/12/2010<br />
  3. 3. Goals<br />Preserve & Increase the number of:<br />1. Affordable Homes (Single Family/Condo) <br />2. Affordable Rental Homes<br />10/12/2010<br />
  4. 4. 10/12/2010<br />“Affordable Housing”<br />A Definition:<br />Housing is affordable when you pay no more than 30% of your income for housing, including utilities!<br />
  5. 5. 10/12/2010<br />Affordable Housing vs Workforce Housing – Is There a Difference?<br />Area Median Income: <br />Honolulu – Family of Four<br />100%<br />140%<br />30%<br />60%<br />80%<br />120%<br />$81,700<br />Rental<br />Ownership<br />
  6. 6. 10/12/2010<br />Affordable Homeownership<br />2010 AMI Family of Four -- $81,700<br />“Affordable Housing” for this Family: $2,042 a month<br />Median Home Sales Price: $600,000<br />Income Requirement: $145,000<br />AMI Requirement: 180% AMI<br />100% AMI Family – Can Qualify for $310,500 Loan<br />
  7. 7. 2010 Honolulu Incomes and Ability to Buy <br />$600,000 Median Priced Home<br />Source: National Housing Conference – Paycheck to Paycheck<br />
  8. 8. 10/12/2010<br />Affordable Rental Homes<br />2010 Fair Market Rent - 2 Bedroom: $1,610<br />Income Requirement: $64,396 or $31/hr<br />Hawai’i Renters Average Wage: $12.89/hr<br />To “Afford” This Apartment: 96 hours a week!<br />Minimum Wage: $7.25/hr<br />To “Afford” This Apartment: 171 hours a week!<br />Affordable Rent for Minimum Wage Earner: $377<br />
  9. 9. 2010 Honolulu Hourly Wages vs. Wage to Afford 2 Bedroom Apartment<br />$30.96<br />$27.67<br />$17.41<br />Source: National Housing Conference – Paycheck to Paycheck<br />
  10. 10. 10/12/2010<br />Hawaii’s Housing Cost Challenges:<br />World Marketplace Lack of Infrastructure Limited entitled land<br />High cost of landHigh cost of construction and materialsLimited fundingPolitical will<br />
  11. 11. State Legislature Acknowledges Housing Crisis<br />Shortfall: 22,000 Affordable Units for Families Earning Less than 80% AMI<br />Reach: Housing Crisis Extends to Moderate-Income Families -- 95% of AMI<br />Barriers: High Cost of Land and the Lack of Infrastructure<br />10/12/2010<br />
  12. 12. 10/12/2010<br />Housing Hawai`i Efforts:<br />Advocacy: Development of New Affordable Homes for Purchase and Rent<br /> Preservation of Existing Affordable Rental Homes <br /> Track Proposed Legislation <br />Keep the Conversation Alive!<br />Please join with us in promoting the need for affordable housing in Hawai`i!<br />www.housinghawaii.org<br />

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